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Auction of Punta Gorda campus "mega-steal" at $3.52 million

Published: Friday, April 5, 2013 at 1:00 a.m.

Last Modified: Thursday, April 4, 2013 at 8:28 p.m.

PUNTA GORDA - It could have been its sheer size, or its indoor basketball court, or its view of Charlotte Harbor.

But, ultimately, it was likely the bargain-basement price that led to a former school's sale at auction for $3.52 million Thursday.

One of the largest, vacant commercial properties in Southwest Florida, the former IMPAC University was snapped up by an unidentified investor.

The sale came after three years in which the property drew little interest on the open market.

The winning bid for the 52,000-square-foot property was half the amount it was last listed for, and even less than some swanky waterfront homes have sold for in recent months.

"Somebody got a good deal," auctioneer Lamar Fisher said. "This is just a one-of-a-kind property with multiple potentials."

Brokers attributed the modest purchase price to the lackluster commercial real estate market in Charlotte County, one that continues to sputter from an overabundance of distressed property that has dragged down values.

The sale, which is expected to close within 30 days, equates to about $68 per square foot. That is far less than it would cost to build a new structure of that kind, said Barry Seidel, president and founder of American Property Group of Sarasota Inc.

"They stole this; it's a mega-steal," he said. "Somebody really wanted to get rid of that property."

Six bidders registered to bid and paid the required $200,000 escrow deposit for a shot at the purchase. The opening bid was $1.8 million, the minimum sellers were willing to accept.

A Sheriff's deputy kept reporters and curious spectators away as the auction took place. Bidders had specifically requested media be kept out, and information on the buyer's identity was withheld by Fisher Auction Co.

The former training ground for Integrated Control Systems Inc., known as IMPAC, sits on nearly four acres at 900 W. Marion Ave., in Punta Gorda.

It was built for $6 million in 1994 by James B. Irwin, who used the complex as a training center for Integrated Control employees. He later transformed the property into a graduate business school.

IMPAC's three buildings contain a gym that could rival many private fitness clubs; indoor basketball and racquetball courts; and a weight-lifting room.

The campus also has a 242-seat auditorium, a lavish meeting room once used by IMPAC's board of directors and a slew of classrooms and offices with oak furnishings and leather chairs.

On Thursday, an IMPAC University banner still hung in the lobby, along with a plaque on a wall that read "Experts in Productivity."

During its three years on the market, the only serious interest came from Charlotte County officials, who discussed buying the property as a business incubator for entrepreneurs.

The property, last valued by the county at $4.5 million, will likely be repurposed into apartments, a vacation resort or mega-church facility, brokers predict.

"It's a good value if you have a use for it," said Stan Rutstein, a commercial broker with the Re/Max Alliance Group. "It's not a good value if you have to carry it. It needs to be an end-user with a definite plan for the property."

<p><em>PUNTA GORDA</em> - It could have been its sheer size, or its indoor basketball court, or its view of Charlotte Harbor.</p><p>But, ultimately, it was likely the bargain-basement price that led to a former school's sale at auction for $3.52 million Thursday.</p><p>One of the largest, vacant commercial properties in Southwest Florida, the former IMPAC University was snapped up by an unidentified investor.</p><p>The sale came after three years in which the property drew little interest on the open market.</p><p>The winning bid for the 52,000-square-foot property was half the amount it was last listed for, and even less than some swanky waterfront homes have sold for in recent months.</p><p>"Somebody got a good deal," auctioneer Lamar Fisher said. "This is just a one-of-a-kind property with multiple potentials."</p><p>Brokers attributed the modest purchase price to the lackluster commercial real estate market in Charlotte County, one that continues to sputter from an overabundance of distressed property that has dragged down values.</p><p>The sale, which is expected to close within 30 days, equates to about $68 per square foot. That is far less than it would cost to build a new structure of that kind, said Barry Seidel, president and founder of American Property Group of Sarasota Inc.</p><p>"They stole this; it's a mega-steal," he said. "Somebody really wanted to get rid of that property."</p><p>Six bidders registered to bid and paid the required $200,000 escrow deposit for a shot at the purchase. The opening bid was $1.8 million, the minimum sellers were willing to accept.</p><p>A Sheriff's deputy kept reporters and curious spectators away as the auction took place. Bidders had specifically requested media be kept out, and information on the buyer's identity was withheld by Fisher Auction Co.</p><p>The former training ground for Integrated Control Systems Inc., known as IMPAC, sits on nearly four acres at 900 W. Marion Ave., in Punta Gorda.</p><p>It was built for $6 million in 1994 by James B. Irwin, who used the complex as a training center for Integrated Control employees. He later transformed the property into a graduate business school.</p><p>IMPAC's three buildings contain a gym that could rival many private fitness clubs; indoor basketball and racquetball courts; and a weight-lifting room.</p><p>The campus also has a 242-seat auditorium, a lavish meeting room once used by IMPAC's board of directors and a slew of classrooms and offices with oak furnishings and leather chairs.</p><p>On Thursday, an IMPAC University banner still hung in the lobby, along with a plaque on a wall that read "Experts in Productivity."</p><p>During its three years on the market, the only serious interest came from Charlotte County officials, who discussed buying the property as a business incubator for entrepreneurs.</p><p>The property, last valued by the county at $4.5 million, will likely be repurposed into apartments, a vacation resort or mega-church facility, brokers predict.</p><p>"It's a good value if you have a use for it," said Stan Rutstein, a commercial broker with the Re/Max Alliance Group. "It's not a good value if you have to carry it. It needs to be an end-user with a definite plan for the property."</p><p><empty></p><p><empty></p>